Key Takeaway: A retirement statement is a document that outlines a person’s retirement benefits and income sources. Components of a retirement statement include retirement benefits, social security benefits, pension plan, savings and investments, and other sources of retirement income. Having a retirement statement can help individuals plan for retirement, make informed financial decisions, and ensure…
Key Takeaway: Length of service and retirement age are the primary factors to consider when computing early retirement pay in the Philippines. The longer the years of service and the older the employee is, the higher the retirement pay will be. Basic salary and other remunerations such as bonuses, allowances, and commissions are also taken…
Key Takeaways: Colors in retirement flowers can convey various meanings and messages, so choosing the right color is important to show respect and appreciation to the retiree. Blue flowers represent calmness, peace, and stability, making them a great choice for retirees who have worked in high-stress environments. Green flowers represent growth, new beginnings, and renewal,…
Key Takeaways: ERISA covers various retirement plans such as defined benefit plans, defined contribution plans, employee stock ownership plans, simplified employee pension plans, cash balance plans, and profit-sharing plans. ERISA provides benefits and protections to employees such as vesting requirements, fiduciary responsibility, plan reporting and disclosure requirements, and participant rights and remedies. There are exemptions…
##Key Takeaways: Key Takeaway: Retirement income is taxable in Pennsylvania in most cases: Social Security benefits, pension and annuity income, IRA and 401(k) withdrawals, income from part-time work, rental income, capital gains, and dividends are all taxable in the state. There are some sources of retirement income that are not taxable in Pennsylvania: these include…
Key Takeaways: Social Security benefits do not disappear if you die before retirement age. Your surviving spouse and dependents may be eligible for survivor benefits. Survivor benefits include a lump sum death benefit and monthly payments to eligible spouses and dependents. To qualify for survivor benefits, you must meet certain eligibility requirements, such as being…
Key Takeaway: SBP, or the Survivor Benefit Plan, is a program designed to provide a steady income to surviving family members of military retirees after they pass away. It is an important safety net and can provide peace of mind for families. The cost of SBP on military retirement depends on several factors, including retirement…
Key Takeaway: The retirement age in Indiana varies based on birth year: For those born before 1943, the retirement age is 65. For those born between 1943 and 1954, the retirement age gradually increases from 65 to 66. For those born after 1954, the retirement age increases gradually from 66 to 67. Indiana retirement age…
Key Takeaway: Starting a consulting business is a popular retirement plan for software engineers. This allows them to utilize their expertise in the field and work on projects they enjoy. Mentoring junior software engineers is another great way for retired software engineers to give back to the community and share their knowledge and experience. Pursuing…
Key Takeaway: Withdrawing from retirement accounts should only be done as a last resort: Retirement accounts are meant to be used for retirement, and should not be accessed prematurely. There are other alternative options available for covering unexpected expenses, such as using emergency savings, applying for home equity loans, or personal loans. Early withdrawals from…
Key Takeaway: VA retirement pay is provided to eligible veterans as a monetary benefit for their service to the country. To be eligible for VA retirement pay, veterans must meet certain criteria, such as having served in the military for a certain length of time and receiving a disability rating from the VA. The amount…
Key Takeaways: Oklahoma ranks as one of the most affordable states for retirement: The cost of living in Oklahoma is relatively low compared to other states, making it an attractive location for retirees looking to stretch their retirement savings. Oklahoma’s tax laws are favorable for retirees: Oklahoma does not tax Social Security benefits, and allows…